With billions of people suffering from chronic pain worldwide, the condition not only stresses healthcare budgets but also leads to lost productive time every year. The need to provide timely and effective treatment for pain will fuel the global pain management market until 2023, says Transparency Market Research in a latest report. According to the report, the Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023 will post a compounded annual growth rate of 7.6% between 2015 and 2023 as it grows in size from US$3.2 bn in 2014 to US$6.3 bn by the end of 2023.

As more people worldwide enter the 65+ years age band, makers of pain management devices will find new growth avenues in this demographic space. At the same time, many new pain management devices are being commercialized and are thus contributing palpably to the overall revenue of the global pain management devices market.

The market will, however, not be devoid of challenges. For instance, a few reported risks associated with neurostimulation implant procedures have created a negative perception about their safety. This could hinder the growth of the global pain management devices market. Moreover, the implementation of the Affordable Care Act in the United States has eroded the profit margins of some key commercial entities in the global pain management devices market.

For a closer analysis of the various dynamics at play in the global pain management devices market, the report segments the market based on product type, application, and region.

Basis product type, the market has been segmented into electrical stimulation devices, analgesic infusion pumps, radiofrequency ablation devices, and neurostimulation devices. Some of these segments have been sub-segmented to the third level. The report states that in 2014, neurostimulation devices stood as the most dominant segment in the market. Their dominance is attributable to an increase in SCS and DBS device implantations among patients reporting pain in the trunk or limbs. The next few years will be especially profitable for the vagus nerve stimulation (VNS) devices. This segment will report an 8% CAGR over the review period of the report.

Each of the key product types have been further studied on the basis of their specific applications. The key application areas studied are: Cancer-related pain, neuropathic pain, trauma, musculoskeletal pain, and migraine and facial pain. The use of pain management devices for treating neuropathic and musculoskeletal pain was the highest as compared to the other types of applications. The use of electrical stimulation devices for treating musculoskeletal pain, for instance, is expected to show healthy growth. TMR analysts project the sub-segment of musculoskeletal pain of the electrical stimulation devices applications segment to exhibit a 7% through the review period.

From the regional standpoint, the global pain management devices market has been split into: North America (Canada and the U.S.), Europe (U.K., Germany, and Rest of Europe), Latin America (Brazil and Rest of Latin America), Asia Pacific (Australia, China, Japan, and Rest of Asia Pacific), and Rest of the World. While the North America region exhibited the largest market for pain management devices, the highest and fastest growth will be shown by the Asia Pacific region until 2023.